Connect with us

Hi, what are you looking for?


ABS-CBN swings to loss as ad, consumer revenues fall

ABS-CBN Corp. swung to a net loss in the third quarter as advertising and consumer revenues dropped after the closure of its broadcast and digital TV operations, and amid the public health crisis.

The listed media company reported a net loss of P3.33 billion for the third quarter compared with the attributable net income of P813.03 million it posted in the same period last year.

The company’s third-quarter revenues dropped 66.9% to P3.72 billion. Its total expenses declined 31.5% to P6.92 billion.

These brought the company’s nine-month total revenues to P17.03 billion, down 46.8% from the P32.03 billion it reported in the same period last year.

In the nine months through September, the company’s net loss attributable to parent equity holders hit P7.25 billion compared with the net income of P2.37 billion it earned in the same period in 2019.

ABS-CBN said that for the nine-month period, it generated P17 billion from its advertising and consumer sales, 46.8% lower year-on-year.

“Advertising revenues suffered a sharp decline in the second quarter of 2020 following the issuance on May 5, 2020, by the National Telecommunications Commission (NTC) of a Cease and Desist Order (CDO) to the company, prohibiting its continuing broadcast operations effective immediately,” ABS-CBN noted.

The NTC also issued on June 30 a CDO against the company’s digital TV transmission in Metro Manila using channel 43. Prior to this, the House Committee on Legislative Franchises voted to adopt a resolution denying the franchise application of ABS-CBN.

“These events in addition to the COVID-19 (coronavirus disease 2019) pandemic that the country is facing, drove down both the advertising and consumer revenues of the company,” ABS-CBN said.

Shares in ABS-CBN on Monday closed 0.17% lower at P11.62 apiece. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



THE PHILIPPINES lags regional peers in terms of the share taken up by solar and wind energy in its power mix, energy think tank...


THE PHILIPPINE government tempered its economic growth target for this year, as rising inflation and ballooning debt threaten to hamper the economy’s recovery from...


By Keisha B. Ta-asan SOURED LOANS held by Philippine banks declined for a third straight month in May, bringing the nonperforming loan (NPL) ratio...


THE NATIONAL Government is hoping local government units (LGUs) will channel their expanded budgets into raising agricultural output, Finance Secretary Benjamin E. Diokno said....


THE MARCOS administration should immediately address power supply shortages and high electricity rates, which are affecting businesses in the country, the Philippine Chamber of...


MANILA Electric Co. (Meralco) has confirmed receipt of an order from the Energy Regulatory Commission (ERC) directing the country’s largest power distribution utility to...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.